BTC - short the resistance
ที่อัปเดต:
We are moving in a quite extended falling wedge, so there are some signs that there are not enough sellers yet. A correction up may happen soon.
I expect this bounce to be short lived though, as we entered a full bear market by crashing through $6000 level recently. There is also a quite high long interest, which is interesting at these levels.
But it's not safe to short at these levels, especially when we are approaching the $3200 support.
I think it is quite safe to short at $4100 - $4400 levels though, with a stop loss just above $4500.
For the long term view, I think we will stay in $3000 - $4500 range for a while. No need to hurry to get in a position. 200 weekly MA is still holding, which is a huge support too. A slow accumulation at these levels may be not a bad idea, if this range survives upcoming months. But a big capitulation candle is something that must be taken into account. If this happens, then may the gods be with us - we can see levels down to $1200. There is a high chance that it will be just a wick though. 200 weekly MA will act as a resistance in this case and the bear market may last much longer.
Thanks for your attention, and please excuse my grammar, I'm not a native English speaker :)
I expect this bounce to be short lived though, as we entered a full bear market by crashing through $6000 level recently. There is also a quite high long interest, which is interesting at these levels.
But it's not safe to short at these levels, especially when we are approaching the $3200 support.
I think it is quite safe to short at $4100 - $4400 levels though, with a stop loss just above $4500.
For the long term view, I think we will stay in $3000 - $4500 range for a while. No need to hurry to get in a position. 200 weekly MA is still holding, which is a huge support too. A slow accumulation at these levels may be not a bad idea, if this range survives upcoming months. But a big capitulation candle is something that must be taken into account. If this happens, then may the gods be with us - we can see levels down to $1200. There is a high chance that it will be just a wick though. 200 weekly MA will act as a resistance in this case and the bear market may last much longer.
Thanks for your attention, and please excuse my grammar, I'm not a native English speaker :)
บันทึก
BTC shows first signs of trying to break up. But it needs to break the first $3600 - $3700 resistance. Otherwise, we may see a very boring sideways action, followed by... who knows what actually. The volume is desperately low, so low that it is almost impossible to tell anything.บันทึก
And the signs metioned above are - breakout with more like sideways move, with bullish divergence on RSI.บันทึก
บันทึก
And there we have it :) very nice bounce, a textbook falling wedge pattern closing. We can just wait now, if the price will be able to attack resistance at $4100.
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